May 18, 2012 (PLANSPONSOR.com) - The Department of Labor’s Employee Benefits Security Administration made a technical correction to recently released Field Assistance Bulletin No. 2012-02.
The guidance contains frequently asked questions and answers about the department’s participant-level fee disclosure regulations (see “DOL Issues Additional Guidance for Participant Fee Disclosures”). The DOL said a sentence in the answer to Question 19 concerning quarterly Web site updates to “average annual total return” information inadvertently referred to the most recently completed calendar “year” rather than the most recently completed calendar “quarter.”
The department corrected this error to accurately restate the requirements of the regulation. The word “calendar” also was removed from the phrase “… 10-calendar year periods …” in the same sentence. The FAB is available at http://www.dol.gov/ebsa/regs/fab2012-2.html.